Quote:
Originally Posted by guccilvr
with the new law that Obama signed yesterday, it may keep the creditors from preying on people now, but good luck getting credit.
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I've had credit cards, bank loans, mortgages, and never felt preyed upon or gouged. Probably because I always pay according to terms and on time.
Quote:
Originally Posted by guccilvr
Annual fees, higher interest rates, and harder credit access are here to stay.
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Easy credit access was one of the causes of the recent credit meltdown (certainly not the only one) and too many people were given credit who shouldn't have had it in the first place. Credit was too easily given to people who didn't understand it, didn't respect the terms and really didn't deserve to have credit.
Quote:
Originally Posted by nomcat
I don't know how things work in the US compared to the UK, but I was told by someone at my bank that the fastest way of building a good credit score is to use your credit card for everyday purchases (groceries, meal out, clothes etc), but pay your credit card off in full every month.
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It doesn't matter what you use your credit card for, just that you use it, and that you make regular payments, and make them on time. It's best to keep your balance under about half of your credit limit, but I think they really value a sustained period of timely and regular payments more than anything else.
Quote:
Originally Posted by Baraka_Guru
There are many factors that affect your score, but the biggest factor is time, unfortunately. ....
...just wait it out and your score will improve.
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Baraka_Guru speaks the truth. There is really no magic bullet for this. It will take time before the powers that be in the credit world will believe that you have really changed.
Also some useful advice here:
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